Economic Explosives Limited, a wholly owned subsidiary of Solar Industries India Limited signed a contract with the Ministry of Defense, Government of India for supply of Loitering Munition on April 20, the company announced through an exchange filing. The contract signed for one year is worth Rs 212 crore.
The company said it is the first of its kind Loitering Munition made by an Indian Company and demonstrates the ability and agility to absorb new technologies to develop products for the future.
Solar Industries wholly owned subsidiaries will acquire 98.39 per cent shares Rajasthan Explosives and Chemicals Limited.
Solar Industries shares
The shares of Solar Industries on Friday at 1:32 was at Rs 3,766.80, up by 0.24 per cent.